CEO Jim Donald O-U-T at Starbucks
Starbucks Corporation announced yesterday that they have fired their CEO Jim Donald, who has been at the helm for nearly two years, and are in the process of bringing back the company’s chairman and former chief executive, Howard Schultz.
This move is designated as the first step in a major restructuring initiative to give the shareholders more bang for their falling buck. Starbucks also plans to slow the pace of opening additional US-based stores and concentrate on further international expansion instead. Looks like it’s going to be a big year for the company. The news has already prompted a 6+% stock jump in trading on Monday, which, hopefully, is a sign of things to come.
Schultz, who was the CEO from 1987 to 2000, and is also author of Pour Your Heart into It: How Starbucks Built a Company One Cup at a Time
Photo from Yahoo!
